Peter Brandt has forecast that Bitcoin (BTC) could drop to between $58,000 and $62,000, a potential decline of 33% to 37% from current levels near $92,400, as multiple technical indicators and historical patterns point to increased downside risk.
What Happened: Rising Wedge Pattern Triggers Bearish Call
Brandt posted his analysis on X, citing a rising wedge formation that has developed over the past two months. "58k to $62k is where I think it is going BTC," he wrote.
Rising wedge patterns form when prices consolidate between two upward-sloping, converging trendlines.
The lower line typically rises more steeply than the upper, often signaling weakening momentum.
Separately, blockchain analytics platform Lookonchain reported that a long-dormant Bitcoin whale moved 909.38 BTC, worth roughly $84.62 million, to a new wallet after 13 years of inactivity.
Another early holder who acquired 5,000 BTC at $332 each 12 years ago has sold 500 BTC worth $47.77 million, continuing a pattern of systematic selling that began in December 2024.
Also Read: Cardano Founder Accuses Ripple CEO Of Surrendering To SEC In Regulatory Fight
Why It Matters: Historical Fractals Echo 2022 Correction
One analyst noted that Bitcoin's current price structure mirrors its 2022 market cycle, arguing the asset is "repeating the 2022 fractal exactly."
In both instances, Bitcoin staged a relief rally that stalled below horizontal resistance before breaking below rising support, triggering sharp downside moves.
However, not all market watchers share the bearish outlook. Some analysts pointed out that U.S. liquidity year-over-year growth bottomed in November 2025, coinciding with a local bottom for Bitcoin.
This supports Brandt's vision, though there is no absolute clarity as to where Bitcoin is heading.
Brandt acknowledged the uncertainty inherent in market forecasting in his post.
"If it does not go there I will NOT be ashamed, so I do not need to see you trolls screen shot this in the future," he wrote. "I am wrong 50% of the time. It does not bother me to be wrong."
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